Company Registration No. 01249777 (England and Wales)
PHOENIXTRESCRAY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
PHOENIXTRESCRAY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PHOENIXTRESCRAY LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Investments
2
108,401
112,472
Current assets
Debtors
3
112,021
112,021
Cash at bank and in hand
4,306
273
Net current assets
116,327
112,294
Total assets less current liabilities
224,728
224,766
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss reserves
223,528
223,566
Total equity
224,728
224,766
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 October 2020 and are signed on its behalf by:
Mr Duncan McArthur
Director
Company Registration No. 01249777
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
1
Accounting policies
Company information
Phoenixtrescray Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
25 Camperdown Street, London, E1 8DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2019
2018
£
£
Other investments other than loans
108,401
112,472
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2018
112,472
Losses
(4,071)
At 30 September 2019
108,401
Carrying amount
At 30 September 2019
108,401
At 30 September 2018
112,472
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
112,021
112,021
4
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Angela Trainor.
The auditor was HJS Accountants Limited.
5
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
6
Parent company
The company's immediate parent is
Phoenix ME
Limited which owns 100% of the share capital
, its registered office is 1st Floor, 25 Camperdown Street, London, E1 8DZ.
The ultimate parent company is Cityside Electrical Co L
t
d
which
owns 100
% of the share
. Its registered office is 1st Floor, 25 Camperdown Street, London, E1 8DZ
. Cityside Electrical Co L
td is also the ultimate parent company.
The largest and smallest group in which the company is consolidated is Cityside Electrical Co L
t
d.
Copies of the consolidated financial statements can be obtained from 25 Camperdown Street, London, E1 8DZ, the registered office of Cityside Electrical Co Ltd.
The ultimate controlling party is that of the director, Mr Lee Compton, due to his shareholding in Cityside Electrical Co Ltd.
7
Prior period adjustment
Reconciliation of changes in equity
1 October
30 September
2017
2018
Notes
£
£
Adjustments to prior year
Correction of Joint Venture income
a
-
10,622
Equity as previously reported
214,144
214,144
Equity as adjusted
214,144
224,766
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
7
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in profit for the previous financial period
2018
Notes
£
Adjustments to prior year
Correction of Joint Venture income
a
9,606
Profit as previously reported
-
Profit as adjusted
9,606
Notes to reconciliation
a - Correction of Joint Venture income
When preparing the financial statements the directors became aware that the share of profits from the joint venture had not been reflected in the financial statements previously. The prior year adjustment was made to correct this.